Membership.
Section 3
SEC. 3. Membership.- The Commission shall be compose of five members appointed by the President of the Philippines with the consent of the Commission on Appointments. The President shall designate one of the members as Chairman of the Commissions who shall receive a compensation of twelve thousand pesos per annum. Two of the members appointed shall be officers or directors of non-government mortgagee-institutions participating in the insured mortgage program in accordance with the provisions of this Act. Unless holding other offices in the Government or a position with fixed compensation in any Government corporation or instrumentality, the members shall receive for each meeting of the Commission attended a per diem of twenty pesos: Provided, however, That a member shall receive a total of not more than one thousand pesos a year in per diems. The Chairman shall fold office for five years. The members of the Commission shall likewise hold office for five years, with the exception of the members first appointed who shall serve for one, two, three and four years, respectively, as stated in their appointments. Thereafter, the person appointed to succeed a member of the Commission whose term shall have expired shall continue to serve for the full five-year term, and, except in the case of vacancies caused otherwise than the expiry of the term, only one member shall be appointed to the Commission each year. In the event of a vacancy, the successor appointed to fill the same shall serve only the unexpired portion of the term of the member he succeeds.